One-glance verdict
Not enough data
Fair value unavailable
Not enough cash-flow history to value this one with our method.
Fundamentals snapshot
Cabaletta Bio, Inc.
CABA · NMS · Healthcare · Biotechnology
Current price
$2.00
52-week range
$1.83 - $4.23
Market cap
$339.09M
Balance sheet
Healthy
-85.95x Concerning
Net cash $199.39M. Interest coverage shows how many times profit covers the interest bill.
What stands out
0 Rewards
2 Risks
0 rewards · 2 risks
- Risk Return on equity was -93.2% last year — the company lost money on shareholders' equity.
- Risk Insider ownership is only 1.0% (peer median: 7.0%).
What this company does
Cabaletta Bio, Inc.
Cabaletta Bio is a biotechnology company developing therapies that use a patient's own immune cells to fight diseases where the body mistakenly attacks itself. The company does not have any products for sale yet, as its potential treatments are still being tested in clinical trials (the required safety and effectiveness testing in humans before a drug can be sold). Therefore, Cabaletta currently makes no money from sales and instead relies on funding from investors to support its research and development.
How the company got here
Cabaletta Bio was started in 2017, created from research at the University of Pennsylvania by experts in autoimmune diseases and advanced cell therapies. The company's goal is to create treatments that could potentially cure autoimmune diseases, where the body's own defense system mistakenly attacks itself. It became a publicly traded company in 2019, raising money from investors to fund its research and clinical trials (studies in people to test if a treatment is safe and effective). Since its start, the company has been focused on developing and testing its specialized cell therapies in patients.
What it actually does
Cabaletta Bio is a clinical-stage biotechnology company, which means it develops new medicines that are still being tested and are not yet approved to be sold to the public. They take a patient's own T-cells, a type of white blood cell that is part of the immune system, and re-engineers them in a lab to recognize and remove the specific cells that cause an autoimmune disease. This re-engineered cell therapy is then given back to the patient as a one-time treatment. The hope is that this can "reset" the immune system and provide a long-lasting, or even curative, solution for the patient's illness.
CARTA (Chimeric Antigen Receptor T cells for Autoimmunity)
This is the company's main focus and represents its most advanced work. This approach aims to broadly but temporarily wipe out a type of immune cell called B cells, which are often the root cause of many autoimmune diseases. Their leading experimental therapy, called rese-cel, is being tested for several different conditions like lupus, myositis, and multiple sclerosis. Because Cabaletta is still in the testing phase, it doesn't have any sales yet; all of its money comes from investors who believe this technology will one day become an approved and successful treatment.
CAART (Chimeric Autoantibody Receptor T cells)
This is a second, more targeted approach the company is developing. Instead of a broad reset, this technology is designed to be much more specific, seeking out and destroying only the rogue B cells that create the harmful antibodies causing a particular disease, while leaving healthy B cells untouched. This strategy is being tested in earlier-stage clinical trials for rare autoimmune diseases like pemphigus vulgaris and a specific type of myasthenia gravis. Like the CARTA platform, this is a research and development effort and does not currently generate any revenue (money a company makes from its business activities).
What management is betting on now
The company's leadership is heavily focused on successfully completing its clinical trials (the process of testing new drugs in humans to see if they are safe and effective) for its main therapy, rese-cel. A top priority is getting alignment with the FDA (the U.S. Food and Drug Administration, which approves new medicines) on the path to get their treatments approved for sale. They are also working on making the manufacturing process for these complex cell therapies more efficient and scalable, which is key to being able to offer the treatment to more patients if it gets approved. Another key goal is to make the treatment process easier for patients, including exploring ways it could be given in an outpatient clinic instead of a hospital.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$-20.58M
FY2024 Q4
$-23.50M
FY2025 Q1
$-31.59M
FY2025 Q2
$-30.59M
FY2025 Q3
$-34.59M
FY2025 Q4
$-35.55M
FY2026 Q1
$-42.56M
FY2026 Q2
$-41.51M
Revenue
—
Net income
$-51.02M
Diluted EPS
-0.34
Operating cash flow
$-41.51M
Free cash flow
$-41.51M
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Sources
Revenue
—
Net income
$-43.52M
Diluted EPS
-0.39
Operating cash flow
$-42.56M
Free cash flow
$-42.56M
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Sources
Revenue
—
Net income
$-41.92M
Diluted EPS
-0.22
Operating cash flow
$-35.34M
Free cash flow
$-35.55M
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Sources
Revenue
—
Net income
$-44.87M
Diluted EPS
-0.44
Operating cash flow
$-34.51M
Free cash flow
$-34.59M
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Sources
Revenue
—
Net income
$-45.13M
Diluted EPS
-0.73
Operating cash flow
$-30.43M
Free cash flow
$-30.59M
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Sources
Revenue
—
Net income
$-35.94M
Diluted EPS
-0.71
Operating cash flow
$-30.80M
Free cash flow
$-31.59M
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Sources
Revenue
—
Net income
$-32.59M
Diluted EPS
-0.65
Operating cash flow
$-23.12M
Free cash flow
$-23.50M
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Sources
Revenue
—
Net income
$-30.63M
Diluted EPS
-0.62
Operating cash flow
$-20.32M
Free cash flow
$-20.58M
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Sources
Is it cheap or expensive?
Fair value — vs current price $2.00
We couldn't calculate a fair value right now.
Is it drowning in debt?
Healthy
Net cash $199.4M - more cash than debt. Interest coverage -85.9x.
Net debt
$-199.39M
Interest coverage
-85.95x
Cabaletta Bio, Inc.'s profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 4 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
CABA
BASELINE
Cabaletta Bio, Inc.
Total debt $25.71M Interest coverage -85.95x This is the baseline the peer rows are being compared against.
Total debt $33.00M Interest coverage -347.29x Neither company has much profit cushion over interest right now.
Total debt $79.01M Interest coverage -192.50x Neither company has much profit cushion over interest right now.
Total debt $73.54M Interest coverage -7.87x Neither company has much profit cushion over interest right now.
Total debt $12.85M Interest coverage -3,392.06x Neither company has much profit cushion over interest right now.
What you should know
The case for and against CABA
0 Rewards
2 Risks
Rewards
Risks
-
Return on equity was -93.2% last year — the company lost money on shareholders' equity.
-
Insider ownership is only 1.0% (peer median: 7.0%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
—
Forward P/E
-1.68x
P/B
1.59x
P/S
—
EV/EBITDA
-0.76x
PEG ratio
—
Profitability
How much profit each dollar creates
Gross margin
0.0%
Operating margin
0.0%
Net margin
0.0%
ROE
-93.2%
ROA
-48.2%
Health
Liquidity and balance-sheet strength
Debt / equity
0.12x
Current ratio
5.79x
Quick ratio
5.64x
Total debt
$25.71M
Total cash
$225.10M
Growth
How the business has been compounding
Revenue TTM
$0.00
Revenue 5Y CAGR
—
EPS TTM
-1.38
EPS 5Y CAGR
—
Cash flow
How much cash the business throws off
Operating CF TTM
$-153.93M
Free CF TTM
$-132.31M
FCF margin
—
Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
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